Going into this afternoon's earnings announcement, analysts had been expecting the company to earn $1.11 a share, but the company shattered that estimate with a reported $1.26 per share, accompanied with a revenue jump of 27% to $7.9 billion.
Most of the attention that Apple has received over the past six months has surrounded its upgraded iPhone, the iPhone 3G. During the quarter, iPhone shipments shot through the roof, rising six times to 6.9 million units.
But the iPhone is not the only product that is shining for Apple. Macintosh sales were up 21%, and iPod sales were also on the rise, with revenues up 8%.
Apple computers have definitely been gaining market share, and according to the company's Chief Operating Officer, Tim Cook, during the quarter, Apple's share of the U.S. retail market rose to 18%.
Looking ahead, Apple issued a weaker-than-expected forecast for its fiscal first quarter, stating that it expects to see earnings during the quarter of $1.06 to $1.35 per share, much lower than the $1.65 that analysts had been expecting. While the forecast is well below what analysts were hoping to see, the company is known for issuing weak forecasts and then blowing them away, as it did once again this period.
Despite the weaker-than-expected forecast, shares of Apple stock are moving sharply higher in after-hours trading, up over 13% to $103.83.
Source:bloggingstocks.com
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